World-famous musician Drake is rising as an investor and collaboration partner at Aspiration, a Los Angeles startup specializing in sustainability and financial services
Source & Copyright by Cash Money Records
Author: Lara-Sophie Buckow
- Drake as a new investor and collaboration partner with the eco-financial service provider Aspiration
- Climate neutrality through compensation payments
- Music industry in transition for more sustainability
Drake relies on more than just investments
The world's largest banks invest hundreds of billions of dollars, including customer deposits, in fossil fuel projects every year. From 2016 to 2020, investments amount to almost a trillion. And this within in the period since the signing of the Paris Agreement, in which almost 200 countries agreed to reduce their CO2 emissions. Controversial. In addition, however, all the more impetus to bring about change. Prime example: Aspiration. A green finance startup.
And who could draw more attention to this important financial concept than Drake? One of the most successful rappers who always serves the top 3 with his hits. But with great fame, there comes a great CO2 footprint. Trips with the private jet including entourage, world tours, vinyls, CDs, merchandise and the general "Hollywood" lifestyle are en vogue, but cause huge amounts of emissions. No wonder Drake is now positioning himself as an investor in Aspiration to reduce his CO2 balance.
But what exactly is Aspiration?
Driven by the questionable, environmentally harmful investments of large banks, the startup Aspiration focuses on sustainable investment opportunities. More precisely, a range of so-called "Green Financial Services". The aim is to reconcile financial added value for customers as well as financial services as well as sustainability. The harmonization of values (values) and value (financial value).
This development in the direction of sustainable finances is particularly important because there is a lack of social awareness of the environmental impacts of everyone's finances. Environmentally friendly lifestyle choices like zero waste living or pre-owned designer shopping are important steps, which often relate to managing money. Money, which in turn can generate bad balance sheets in the context of a good deed. So: time for green financial services like Aspiration.
Sustainable alternative for financial services
Aspiration is committed to clean finances by offering a variety of social as well as sustainable opportunities to spend and save, and enable customers to track their own carbon footprint. It is important that every cash management option is tied to green claims which ensure that the customer's money does not support fossil fuel projects. Rather, the various tools of the environmentally friendly banking alternative each offer ways to carry out daily as well as specific transactions with sustainable added value.
Because of this concern, Aspiration is a certified B Corporation. Means: A company that harmonizes social added value and ecological sustainability as well as purpose and profit. Under legal obligation. Including its external investors.
What else? Donate, donate, donate. As a member of "1% for the Planet", the company donates 1% of its revenue to environmental organizations, is committed to donating 10 cents of every dollar of profit to charities to support those in need, and makes philanthropic giving easy for customers. A large number of verified organizations can be viewed via the "Save and Spend" account. Depending on their preference, customers can opt for poverty,clean water, get involved in education, the environment and human rights.
What does Aspiration do?
In practice, Aspiration's positive commitments are reflected in actual actions. For example, the "Save and Spend" account promotes the planting of trees at the same time as financial transactions. These offset the CO2 emissions from purchases in order to do justice to the effects of their spending in the context of social and ecological justice. In addition to the account, every debit card can now be linked to the "Plant Your Change" program in order to finance reforestation measures around the world through daily purchases.
Another plus is the "Conscience Coalition". A partnership with companies on a social mission that offer Aspiration customers up to 10% refunds when they make purchases through their Aspiration card. Win win effect: earn money and make a positive contribution to the environment.
Source & Copyright by Aspiration
The new work-life balance of Drake x Aspiration
Drake's collaboration with Aspiration goes deeper than financial support. It relates to all private and professional aspects of Drake's life. Work-life (account) balance. Aspiration will include the artist's entire carbon footprint into the calculation, including travel and events, offset the effects as part of the afforestation program.
“They give us information with travel and activities that have a carbon footprint and then we draw on our reforestation program in excess of what we’d do for an everyday consumer. But fundamentally, we’re delivering the same outcome for them as we can deliver for anyone who wants to open an Aspiration credit card, and that’s knowing they’re aligning their money and their values", says Joe Sanberg (Co-Founder, Aspiration)
Drake as a pioneer for more sustainability within the music industry
By working with Drake, the environmentally friendly startup hopes to transform the music industry. Due to the production of records, international tours - including equipment - and numerous trips, the music industry is far from being climate-neutral. With Drake as a pioneer, this should change now.
"It's exciting to work with a company that’s found a simple way to offer everyone the ability to reduce their carbon footprint. Aspiration’s approach to climate change is really inspiring and I hope together we can help to motivate and create awareness", said Drake.
Hope for sustainable and long-term change
The commitment for climate protection by well-known personalities is productive and important. Stars like Drake can use their millions of reach to create awareness, consciousness and inspire. After all, they are role models for the younger generations, whose actions are very important for environmental protection. The fact that Drake is now acting not only as an investor but also as a "customer" of the company shows particular progress, as sustainable commitment goes beyond PR stunts or media presence. Sincere commitment to a positive, green future. At the same time, an impetus for other artists and music fans to attend concerts with an expanded new awareness. And pay for tickets sustainably.